April 20, 2024
Virtual Rehabilitation and Telerehabilitation Systems Market

Virtual Rehabilitation and Telerehabilitation Systems Market Poised to Grow at a CAGR of 7.3% By 2030

The virtual rehabilitation and telerehabilitation systems market has witnessed significant growth over the past few years owing to the rising prevalence of various chronic diseases such as neurological disorders, psychological disorders, and cardiovascular diseases. Virtual rehabilitation and telerehabilitation systems offer innovative personalized care through virtual reality-based platforms and remote monitoring of patients so they can receive treatment while staying comfortably at their homes.

The Global Virtual Rehabilitation And Telerehabilitation Systems Market Size is estimated to be valued at US$ 489.54 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the virtual rehabilitation and telerehabilitation systems market are GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Bristol-Myers Squibb Company, AstraZeneca, Pfizer Inc., Johnson & Johnson Services, Inc., Bausch Health Companies Inc., H. Lundbeck A/S. Growing prevalence of chronic diseases globally has fueled the demand for virtual rehabilitation and telerehabilitation systems as they offer non-invasive treatment options for patients recovering at home. The market is witnessing increasing adoption across developed as well as developing countries on account of significant cost savings associated with virtual care delivery as compared to in-person visits.

Key players such as GlaxoSmithKline plc and F. Hoffmann-La Roche Ltd offer a wide range of drugs for chronic diseases and are continuously focusing on developing innovative digital healthcare solutions for virtual rehabilitation.

The growing geriatric population base who are more susceptible to various chronic medical conditions is another key factor boosting the demand for virtual rehabilitation and telerehabilitation systems. According to the United Nations, the world’s population aged over 65 is projected to grow from 703 million in 2019 to 1.5 billion by 2050.

Market key trends

The rising adoption of smart devices and wearables is one of the key trends witnessed in the virtual rehabilitation and telerehabilitation systems market. These devices are integrated with applications and sensors that enable remote monitoring of patients and enhance the virtual treatment experience through immersive technologies like VR and AR. For instance, VR headsets are used in virtual rehabilitation applications for stroke and Parkinson’s patients to help them with their motor and cognitive therapies. Growing investments by public and private players to develop technologically advanced and affordable virtual treatment solutions also augur well for market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: Low investment required for new players to enter the virtual rehabilitation and telerehabilitation systems market. However, established players dominate the market owing to their strong brand image and robust distribution network.

Bargaining power of buyers: Buyers have moderate bargaining power. As there are a significant number of players offering virtual rehabilitation and telerehabilitation systems, buyers can compare the offerings and prices of various players.

Bargaining power of suppliers: Suppliers have low bargaining power due to the fragmented nature of the market with a large number of suppliers. Also, raw materials used in virtual rehabilitation and telerehabilitation systems are commodity products.

Threat of new substitutes: Low threat of substitution exists as currently available substitutes are not as effective as virtual rehabilitation and telerehabilitation systems.

Competitive rivalry: High as major players compete in terms of new product launches, technological advancements, and geographic expansion.

North America currently holds the largest share of the virtual rehabilitation and telerehabilitation systems market owing to increasing adoption of technologically advanced medical systems and rising geriatric population.

The Asia Pacific region is expected to witness the fastest growth over the forecast period due to improving healthcare infrastructure, rising medical tourism, increasing healthcare expenditure, and growing cases of chronic diseases in countries like China and India.

Geographical Regions
North America currently holds the largest share of the virtual rehabilitation and telerehabilitation systems market owing to increasing adoption of technologically advanced medical systems and rising geriatric population.

The Asia Pacific region is expected to witness the fastest growth over the forecast period due to improving healthcare infrastructure, rising medical tourism, increasing healthcare expenditure, and growing cases of chronic diseases in countries like China and India.